On Monday, Indian stock market hit a more than two-week high and was set for a third straight session of gains, boosted by technology sector stocks, also falling oil prices eased inflation worries. After a high closing on Wall Street last week, broad Asian rivals climbed on Monday as oil fell on demand concerns, easing expectations of sustained inflation and aggressive Federal Reserve tightening.
What’s Next?
While the shift in investors’ mood has come as a huge relief, the market may remain optimistic for a few more days before becoming turbulent due to fears about the global economy slowing due to rate rises and continued foreign money outflows.
The market is now trading at an important resistance level, and the texture of the chart shows that a swift intraday pullback from present levels is possible.
Indian Stock Market Summary
Nifty (up +0.93%) – Open 15899.95, High 15930.40, Low 15819.10, Close 15838.05
Bank Nifty (up 0.55%) – Open 34126.20 High 34147.50, Low 33735.50, Close 33811.25
Sensex (up 0.82%) – Open 53468.89, High 53509.50, Low 53120.79, Close 53161.28
India Vix – up 2.21% to end at 21.00
FII’s: Net Sellers : ( – 1278.42 Crores )
DII’s: Net Buyers : ( + 1184.47 Crores )
Bullish Sectors –– IT (2.05%), Metal (1.52%)
Bearish Sectors –– None of the sectoral indices are in the red.
Top Gainers Stocks – ONGC (+3.31%), Coal India (+3.14%)
Top Losers Stocks – EicherMot. (-1.46%), Apollo Hospital (-1.23%)
Nifty Open Interest Put Call Ratio (PCR): 1.05
Maximum CE Open Interest Strike: 16000
Maximum PE Open Interest Strike: 15700
Bank Nifty Open Interest Put Call Ratio (PCR): 0.89
Maximum CE Open Interest Strike: 34000
Maximum PE Open Interest Strike: 33500
(The maximum CE PE open interest strike rate indicates that the market is likely to move in that particular range in the coming days.)
Technical View of Nifty and Bank Nifty
Nifty
With a gap-up opening, the Nifty breached the 15700–15800 resistance zone. But on the other hand, the index was unable to capitalize on its early gains and was in a consolidation pattern following a good start.
In the coming days ahead, the index may have a temporary consolidation between 15700–15800 before continuing to rise.
On the upside, the Nifty is expected to test the critical psychological level of 16000, where there is also a 20-days moving average.
Nifty Futures Strategy for Tuesday
Nifty Future has resistance at 15950 if breaks and sustains above that level, then it will take it to 16100-16200.
Support at 15800, breaks and sustain below that level will take it towards 15700–15600.
Bank Nifty
Bank Nifty index opened at the higher levels but failed to hold the upside levels as some profit booking was seen.
Overall structure shows that the index can trade with sideways to bullish bias in the short term.
In the meantime, the Relative Strength Index (RSI) indicator is holding comfortably above 50, suggesting sellers remain on the sidelines for the time being.
Bank Nifty Futures Strategy for Tuesday
Bank Nifty Future has resistance at 34200 if breaks and sustain above that level then it will take it to 34400–34600.
Support at 33700 breaks and sustain below that level then it will take it to 33500—33300.
Top Stock Recommendations For Today (28th June 2022)
MPHASIS (Futures)
The stock will likely give a trendline breakout on the hourly chart. Traders are advised to buy MPHASIS Futures above 2350 levels for the upside target of 2390 and then to 2450 in the coming days.
Support and stop-loss remain at the 2310 level on a closing basis.
Trade safely with levels. More will update during market hours.
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